Nautilus Hyosung

South African consumers had a cash hangover in January. Statistics released by the Spark Cash Index indicate that citizens significantly reduced their spending during January 2013, following a record increase in cash withdrawal activity in December 2012.

The SCI, a gauge of the average value of cash withdrawals at more than 2,000 Spark ATMs across South Africa, recorded a month-on-month drop of 9.18 percent in average cash withdrawal figures for January 2013.

According to Marc Sternberg, managing director of Spark ATM Systems, the steep drop in the withdrawal values during January is in keeping with recorded SCI ATM withdrawal patterns over the past five years.

"Historically, following a surge in spending over the festive season, January is the month when consumers often adopt a more conservative spending approach, especially with mandatory expenses on the horizon such as school fees and related costs," he said.

The SCI did show significant year-on-year growth of 5.43 percent for January. Ronel Oberholzer, principal economist at IHS Global Insights, said this can be seen as a positive sign. "Comparing to last year's levels (2.65 percent year-on-year growth), consumers are currently in a better situation. However, I suspect that we will soon see a slowing in the rate of increase."

According to Sternberg, average monthly cash withdrawal figures will regain positive momentum in late March 2013. "This is due to the Easter holiday period occurring earlier this year, which is historically synonymous with increased retail activity nationwide."

Read more about trends/statistics.

Related Content

User Comments – Give us your opinion!
Products & Services

Managed Services

http://global.networldalliance.com/new/images/products/6913.png

6913/Managed-Services

Online ATM and Debit Issuer System

http://global.networldalliance.com/new/images/products/6619.png

6619/Online-ATM-and-Debit-Issuer-System

BankWorld ATM – Management Suite

http://global.networldalliance.com/new/images/products/5619.png

5619/BankWorld-ATM-Management-Suite

Dynasty's Clients and Partners

http://global.networldalliance.com/new/images/products/Dynasty_100.gif

1170/Dynasty-s-Clients-and-Partners

Competent Field Service Support

http://global.networldalliance.com/new/images/products/4382.png

4382/Competent-Field-Service-Support

Armored Courier Management

http://global.networldalliance.com/new/images/products/ArmoredCar_0309.gif

642/Armored-Courier-Management

NCR Total ATM Services

http://global.networldalliance.com/new/images/products/4734.png

4734/NCR-Total-ATM-Services

NCR Branch Transformation Solutions

http://global.networldalliance.com/new/images/products/5003.png

5003/NCR-Branch-Transformation-Solutions

KAL Financial Institution ATM Solutions

http://global.networldalliance.com/new/images/products/KAL_Logo_SF100.gif

1015/KAL-Financial-Institution-ATM-Solutions

OptConnect Antenna with Magnetic Base

http://global.networldalliance.com/new/images/products/4101.png

4101/OptConnect-Antenna-with-Magnetic-Base

NCR
Media Kit
Request Information From Suppliers
Save time looking for suppliers. Complete this form to submit a Request for Information to our entire network of partners.